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Changing GTA Resale Housing Market Reflects Economic Times6 B* Z) M; h+ I) }" W/ P
& O! g. G7 n7 b2 o# `TORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
- y4 G* A" g: l; x% X' Rmoderated considerably during the first half of October with 2,700 homes changing hands,3 D) \2 h. x( F' S
Toronto Real Estate Board President Maureen O’Neill announced today.
: p, x: _3 t9 d7 a q8 oSales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
" ]2 G& n: K: z( hwhen 3,297 transactions were recorded and are down 10 per cent compared to the same period
! r7 l% H8 N, F3 }in 2006 when 3,007 sales took place.
: t2 M8 R1 N; ~+ v0 ]3 X; t- rIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
; T/ k7 P3 V& [. w. C& J* wper cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per
! E/ F& Q) c( Jcent decrease from the 1,312 transactions recorded in the first half of October 2006.
3 i8 W% Z9 u! G! P4 Z/ A/ WIn the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
& y% [1 |' W( g/ L; P8 z# cdecrease from the 1,851 transactions that took place during the same timeframe in 2007 and
( r3 m- l- Z- ]5 k' i& @; K' J Xdown eight per cent from the 1,695 homes sold during the first half of October 2006.
0 @7 L/ u: |+ f4 [& jHouse prices declined throughout the GTA during the first half of the month. The average price
( T& I" y3 ~2 Q# P! x1 A) aof a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable
+ Y5 Y2 ^4 B# U4 O3 m7 K( Nperiod in 2007.
, R Y) ^5 o5 N- N% x2 KIn the City of Toronto the current average price $375,804, a 15 per cent decrease from the
$ N2 G, s7 i1 a; ^" o: C8 i$441,878 average recorded at mid-October 2007.
" `) M% Q9 N% I# v' f [- ~7 a# dIn the 905 Region the average price of a home is currently $337,671. This represents an eight
* l4 U6 H- N9 |/ d, Y7 ?5 wper cent decline from the $365,527 average recorded during the first half of October 2007.) Z+ q2 N [! K/ K
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
1 b5 Q. G( b/ ^% N$ imore available stock from which to choose as compared to a year ago when 21,182 homes were7 b8 j6 M2 k$ J4 S K
listed.0 y0 `1 u/ b4 n
“More choice can mean slightly longer wait times for sellers whose homes are now on average,
: J$ K% W! S7 ]4 Y! [0 yselling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
3 y4 e) z/ ?% v% Z8 C" f8 [list to sales ratio is 97 per cent of the list price.” |
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